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Securities and Exchange Commission v. Kenton Capital, Ltd.

United States District Court for the District of Columbia
69 F. Supp. 2d 1 (D.D.C. 1998)


Facts

Donald Wallace (defendant), the president of Kenton Capital, Ltd. (Kenton Capital) (defendant), hired Jeffrey Carter (defendant) to speak to a number of potential investors about an investment opportunity. Wallace developed a checklist of information that was required of all potential investors. Carter contacted potential investors and sent the investors agreements describing the investment. This description projected returns of 3,750 percent per week for 40 weeks. Wallace approved the checklist of information but did not monitor the statements regarding the projected returns. Based on Carter’s representations of projected returns, over 40 investors pledged to invest with Kenton Capital. The Securities and Exchange Commission (SEC) (plaintiff) filed suit against the defendants, alleging violations of the registration provisions of the Securities Act of 1933. The SEC moved for summary judgment against Kenton Capital and Wallace.

Rule of Law

Issue

Holding and Reasoning

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